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1226
An economic system in which the producer and the consumer are the same is referred to as a
  • A. mixed economy
  • B. subsistence economy
  • C. capitalist economy
  • D. socialist economy
View Answer & Discuss (4) JAMB 2007
1227

The choice of what to produce in a command economy is determined by

  • A. industrial establishments
  • B. labour unions
  • C. the government and labour unions
  • D. the central government
View Answer & Discuss (3) JAMB 2007
1228
The range is used to
  • A. estimate the mean from grouped data
  • B. calculate the standard deviation
  • C. determine the spread of a set of data
  • D. measure the difference between the mean and the mode
View Answer & Discuss (4) JAMB 2007
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1229
When the demand for a good increases owing to an increase in income, it means that
  • A. there is an increase in quantity demanded
  • B. inflation has taken place
  • C. demand has exceeded supply
  • D. there is an increase in demand
View Answer & Discuss (5) JAMB 2007
1230
A firm operating at full capacity will have a
  • A. perfectly inelastic supply curve
  • B. perfectly elastic supply curve
  • C. fairly elastic supply curve
  • D. fairly inelastic supply curve
View Answer & Discuss (7) JAMB 2007
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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